IDFC First Bank sees net loss of Rs 630 cr in Q1 due to higher provisions

Net interest income of the lender grew by 25% YoY to Rs 2,185 cr and sequentially it increased by 11%

Private sector lender IDFC First bank reported a net loss of Rs 630 crore in the April-June quarter of FY22 due to higher provisions because of Covid-19. In the same period last year, the lender had earned net profit of Rs 94 crore.

Net interest income (NII) of the lender grew by 25 per cent year-on-year (YoY) to Rs 2,185 crore and sequentially it increased by 11 per cent. It has reported the highest ever net interest margin (NIMs) at 5.51 per cent as compared to 4.86 per cent in the same period last year. 

The bank made additional provisions to the